US stocks closed higher on Friday, buoyed by easing trade tensions with China and a rebound in regional banks after sharp losses the day before. The Dow gained 238 points, or 0.52%, while the S&P 500 and Nasdaq both rose around 0.5%. Investor sentiment improved after Treasury Secretary Scott Bessent confirmed fresh talks with Beijing and President Trump signalled a meeting with President Xi later this month. Bank stocks that had slumped on Thursday rebounded strongly, with Zions, Western Alliance, Jefferies, and Fifth Third Bancorp all posting gains. The Cboe Volatility Index retreated, Treasury yields ticked back above 4%, and all three major US indexes ended the week higher, supported by early earnings results. Traders now turn their focus to the upcoming week, with Coca-Cola and Netflix reporting midweek, followed by Tesla, IBM, Intel, and Ford.
The Australian sharemarket is expected to open softer, with S&P/ASX 200 futures pointing down 8 points, or 0.1%, to 9002. The local market had touched record highs last week but eased into Friday’s close. Attention will be on the second week of US earnings season, while domestically, investors await a speech by Reserve Bank governor Michele Bullock on Friday. The RBA is under scrutiny after unemployment rose to 4.5%, with markets pricing a 70% chance of a rate cut at the next meeting. Precious metals also remain in focus after gold and silver fell sharply on Friday, though strong central bank demand and ETF inflows have helped fuel a sharp rally in Australian gold miners this year.
In company news,
Immutep reports strong Phase II sarcoma data with efti combo
Immutep (ASX:IMM, NASDAQ:IMMP) announced positive results from its Phase II EFTISARC-NEO trial of eftilagimod alfa (efti) in soft tissue sarcoma. The study, combining efti with radiotherapy and Merck’s Keytruda, achieved a median 51.5% tumour hyalinization/fibrosis—over three times historical results for radiotherapy alone. The data were presented at the ESMO Congress 2025 in Berlin. The company highlighted the safety profile and potential for efti as a novel therapy in an indication with high unmet need. The trial was funded by a Polish government grant
Infratil lifts Contact stake to 14.3% in $438m deal
Infratil (NZX:IFT) will acquire a further 4.92% stake in Contact Energy for $437.7m from TECT Holdings, lifting its ownership to 14.3%. The purchase will be funded equally via debt and a share placement to TECT at $12.43 per Infratil share. The move follows Contact’s merger with Manawa Energy earlier this year, where Infratil sold its 51% Manawa stake for cash and Contact shares. Infratil’s CEO said the deal supports its strategy of investing in strong cash-generating businesses, while TECT noted the long partnership with Infratil and its diversification benefit.
Ballard infill drilling confirms high-grade gold at Baldock
Ballard Mining (ASX:BM1) reported further visible gold from infill drilling at the Baldock deposit, part of its Mt Ida Gold Project in Western Australia. The program, now 74% complete, has delivered multiple high-grade intersections, including 1.4m at 51 g/t gold and 7m at 16.8 g/t. The company expects the program to be finished by the December quarter, targeting a maiden ore reserve by mid-2026. Extensional drilling will follow to grow the 930koz resource, which already sits within a broader 1.1Moz Mt Ida resource. Ballard has full mining approvals in place, including permits for both open pit and underground operations.
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